How Bitcoin Is Increasingly Used by Millennials to Boost Africa’s Growth

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With Bitcoin and blockchain technology helping to provide solutions that support Africa’s expansion in various sectors, African millennials — like many millennials around the world — believe that Bitcoin is more than just a speculative tool. That’s why it has become one of the most promising assets for this young generation to invest in, either through exchanges or CFD brokers.

African growth has to be inclusive to be socially and politically sustainable, according to the AFDG, and Bitcoin and blockchain technology could help. “One key component of inclusive development is financial inclusion, an area in which Africa has been lagging behind other continents,” declared the staff of the African Development Bank Group in a report called Financial Inclusion in Africa.


“Less than one adult out of four in Africa have access to an account at a formal financial institution. Broadening access to financial services will mobilize greater household savings, marshal capital for investment, expand the class of entrepreneurs, and enable more people to invest in themselves and their families. Financial inclusion is therefore necessary to ensure that economic growth performance is inclusive and sustained”.
Bitcoin and blockchain technology are offering services to those who are looking for ways to free themselves from traditional financial services or to those who cannot access these services. Therefore, they can support African’s growth by providing access to financial services.

Digital currency transactions in Africa have been increasing in recent years by users under the age of 35, according to CNBC Africa, but crypto-awareness should be improved. Thanks to the decentralised nature of the crypto industry, the use of blockchain and Bitcoin have quickly been expanding into sectors such as agriculture, trade, law, real estate, and education, among many other business sectors.

In these cases, Blockchain technology is no longer used solely to support crypto-currencies. The technology helps to strengthen the security, transparency and traceability of global processes and exchanges. Therefore, it appears that the use of Bitcoin by young Africans is a great opportunity to develop their own business, which often include remittance and import/export activities, among others.

According to CNBC Africa, “a new generation of young African graduates and professionals making use of peer-to-peer finance as a way to better engage the global financial system”.

The future of Bitcoin is bright among Millennials, according to Forbes. Bitcoin “has meaningfully captured the hearts and minds of younger generations and is likely to benefit from increasing awareness and conviction across all age groups.” A lack of knowledge about cryptocurrencies seems to be a significant reason preventing consumers from adopting them.

[AskGamblers]

Great info. Thanks.